Subsidy removal: Tinubu directs Economic Council to work on palliative

June 7, 2023

1 min readCategories: News

To mitigate the impact of subsidy removal on Nigerians, President Bola Tinubu has directed the National Economic Council (NEC) led by Vice President Kashim Shettima to begin the process of providing palliatives.

Tinubu gave the directive while meeting with some major oil marketers led by Ogun State governor, Dapo Abiodun at the State House in Abuja on Wednesday.

Tinubu during his inaugural speech on May 29 at the Eagle Square in Abuja had announced the removal of subsidy payment on petrol.

Following the announcement, the Nigeria National Petroleum Company Limited adjusted the pump price to reflect the current international price.

Reacting to the development, the Organised Labour resolved to embark on a nationwide strike beginning Wednesday but subsequently shelved it after a meeting with the Federal Government late Monday.

While speaking to correspondents after the meeting, Governor Abiodun stated that the marketers expressed solidarity with the President for removing the N4trn subsidy burden, a move that can enhance the Federation Account Allocation Committee (FAAC) allocation to states.

The group of marketers subsequently announced their intention to donate 50 to 100, fifty-seater mass transit buses that would run on CNG, costing N100m each and N10bn cumulatively, to cushion the effect of the removal within the next 30 days.

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About the Author: Olumide Akinrinlola

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